Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions his Department has had with the Financial Conduct Authority on the supervision of gold traders and retailers, in the context of the FCA's transition to Anti-Money Laundering supervision.

Gold dealers may fall within the Money Laundering Regulations as high value dealers if they make substantial transactions in cash, and would then be supervised by HM Revenue and Customs. The Government's Anti-Money Laundering and Asset Recovery Strategy 2026–2029 commits to consulting on changes to the scope of regulation for higher-risk high-value goods dealers.

The Government announced in October 2025 that the Financial Conduct Authority will take on anti-money laundering and counter-terrorist financing supervision (AML/CTF) of legal and accountancy service providers and trust and company service providers. Following reform, HM Revenue and Customs will continue to be the supervisor for high value dealers. The reform will create a more coherent and consistent supervision regime and will strengthen the UK’s defences against illicit finance. HM Treasury will continue to work with the FCA and other AML/CTF supervisors to implement this reform.